Real Estate Success- Agents in the Posh Hamptons of NY are Finding More Work
Posted:
Wednesday, November 11th, 2009
Category:
Real Estate License
Of all of the real estate markets that were floored by the recession, none was harder hit than the Hamptons, New York’s posh playground for the rich and famous. However, now that things are starting to slowly pick back up, the Hamptons is seeing just as much of a comeback as they did a setback many months ago. Real estate agents are stunned at the increase in business and the popularity of their services in this region that was all but abandoned by home buyers for a very long time. This is just one sliver of proof that things are eventually going to get back to normal.
Prices are down from their peak, but third quarter sales are expected to triple compared to just six months ago, putting the Hamptons in a great place for celebration. Experts are predicting upwards of 300 sales from Southampton to Montauk by the end of September 30th, which almost equals the number of sales for the entire Long Island tip in the same quarter of 2008. That’s an impressive leap for an area that was once left for dead by buyers who weren’t interested in the over-priced luxury of this New York summer getaway for the rich and famous people, many of which call this place home.
It’s no surprise that sales are picking back up, but in a time like now the most luxurious region on the East Coast isn’t exactly where agents were expecting to see sales. Nonetheless, they’re not going to turn them away, and can’t wait to see what comes next for the newest hot and happening market in the real estate industry. Considering that most of the people who hang out here are the ones that live off the money from Wall Street, it’s no wonder that sales slowed down. People actually joked that phone lines weren’t working and that there was a new hotspot out there that no one knew about, because it was so desolate.
However, sales have picked up on the Eastern Long Island seaboard, giving real estate agents a chance to hope and dream again. Buyers have decided that the market was bottoming out, and that they want to get their hands in while the deals are hot. Then, in ten years, they’ll make a much better profit when things are valued higher and more appreciated because the economy is back where it belongs.
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